Tuesday, March 24, 2009

Market Voices 24-03-09

The Indian market slid off the day's high to close flat masking a day of high volatility and high volumes. The market saw the highest non-expiry F&O volumes of Rs 77,000 crore since 2008. Total turnover today was Rs 94,000 crore. It was large caps and metals that dragged the market down in late trade with profit booking at higher levels. Sensex shut shop at 9471, up 47 points and Nifty at 2938, down 1 point from the previous close. CNX Midcap index was down 0.50% and BSE Smallcap index was down 0.68%. The market breadth was negative with advances at 497 against declines of 720 on the NSE. Top Nifty gainers included HDFC Bank, Siemens and Suzlon while loser included Reliance Capital, Idea Cellular and SAIL.  

This has been a healthy pullback for the Nifty, says E Mathew, technical analyst, on CNBC Awaaz. Nifty now has resistance at 3010-3020 and as long as it is above 2800 it is buy on dips, he feels. Buy Nifty around 2830-2840, he adds.  

One should square up all long positions if Nifty goes below 2920, says Vijay Bhambwani, technical analyst, on CNBC TV18. If global cues are positive tomorrow then go long or stay away, he adds.  

Buy L&T with a target of Rs 638 and stop loss of Rs 602, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 605, up 0.16% on the BSE.  

Hold Bombay Rayon with a target of Rs 150 where one can book profits and exit, says Jatindar Sharma, technical analyst, on CNBC Awaaz. Re-enter the stock on dips around Rs 120, he adds. It is currently trading at Rs 142, down 1.2% on the BSE.  

Buy Siemens with a target of Rs 256 in three days and stop loss of Rs 226, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 236, up 5.58% on the BSE. 

It was a disappointing close for the market today that saw profit booking after a smart two-day rally. Sensex closed at 9402, down 21 points (provisional) and Nifty at 2915, down 24 points (provisional) from the previous close. CNX Midcap index was down 0.86% and BSE Smallcap index was down 0.90%. The market breadth was negative with advances at 469 against declines of 750 on the NSE.  

Buy RIL with a target of 1485 and stop loss of 1430, says Rahul Mohindar, technical analyst, on CNBC TV18, as closing market strategy.  

Buy Nifty call 3000 with a target of 3100 and stop loss of 2870, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.  Buy Nifty put 2950 and hold till expiry, says Sudarshan Sukhani, technical analyst, on CNBC TV18, as closing market strategy.  Aggressive traders can buy Nifty at current levels with a stop loss of 2850, says Ashwani Gujral, technical analyst, on CNBC TV18, as closing market strategy.  

This is a bear market rally and next week the focus would be on the G20 Summit, says Jitendra Sriram of HSBC on CNBC TV18. The PSU banks will start coming out with numbers in the second week and the overhang of politics/elections could make the market see some volatility, he adds. Since the rally in past few days has been swift and sharp, there could be a small pullback, he feels.  

The market is off the day's highs as it sees profit booking at higher levels in metal stocks. Sensex is trading at 9484, up 60 points and Nifty is at 2945, up 5 points from the previous close. CNX Midcap index is down 0.37% and BSE Smallcap index is down 0.59%. The market breadth is negative with advances at 527 against declines of 668 on the NSE. 

Sell GMR Infrastructure on a rally with a target of Rs 103-105 in three days and stop loss of Rs 87, says Jatindar Sharma, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 92, up 3% on the BSE.  

Buy DLF with a target of Rs 195 in three days and stop loss of Rs 165, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 169, up 1.1% on the BSE. 

Hold Tech Mahindra with a target price of Rs 400-425 in six months where one can exit and book profits, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. Maintain a stop loss of Rs 260, he adds. The stock is currently trading at Rs 278, up 0.5% on the BSE.  

Hold RPL with a target of Rs 109 where one can book profits, says Prasad Kushe, technical analyst, on CNBC Awaaz. Watch out for the stock to cross Rs 94 by April 7, then it will rally up, he adds. The stock is currently trading at Rs 90, up 1.85% on the BSE.  

Patel Engineering has bagged orders worth Rs 799 crore for Narmada Valley project, reports NDTV Profit. The stock is currently trading at Rs 132, up 4.8% on the BSE. 

Hold TVS Motors with a target of Rs 22-25 where one can exit and keep a stop loss of Rs 17, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 20, down 1.7% on the BSE.  

Sell RIL at current levels and book profits, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock could see a sharp correction in a month and go to levels of Rs 1100 where it can be bought for the long term, he adds. It is currently trading at Rs 1457, up 1.23% on the BSE.  

The European markets have opened in the positive. The Indian market is seeing profit booking at higher levels and it is losing some steam. Sensex is trading at 9587, up 163 points and Nifty is at 2982, up 42 points from the previous close. CNX Midcap index is up 0.89% and BSE Smallcap index is up 0.11%. The market breadth is positive with advances at 655 against declines of 512 on the NSE. 

Hold GMR Infrastructure with a target of Rs 125 in one month and stop loss of Rs 83, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 91, up 2.58% on the BSE. 

Hold Ranbaxy with a target of Rs 186 where one can book profits, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock will be available again on dips around Rs 75-80 where it can be bought for the long term, he adds. The stock is currently trading at Rs 165, up 2.58% on the BSE. 

Buy Tata Steel with a target of Rs 270, says Anil Maghnani, technical analyst, on Zee Business. The stock will rally as the dollar weakens and commodities rise, he feels. It is currently trading at Rs 197, up 1.67% on the BSE.  
Buy NTPC with a target of Rs 200-230 in 3 months, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 185, up 1.1% on the BSE.  

In the near term, Nifty resistance is 3050 and 9900 for the Sensex, says Anil Maghnani, technical analyst, on CNBC TV18. Book profits around these levels on a rally and wait for market to correct to buy again, he adds. 

The current rally is likely to be sustained and market is showing signs of a breakout, says Biju Samuel of Quant Broking, on CNBC TV18. In the medium-term, Nifty uptrend could take it to 3400 levels, he adds.  

The Asian markets started muted but gained strength. The strong run in global markets is helping the Indian market trade firm. Sensex is trading at 9609, up 185 points and Nifty is at 2991, up 51 points from the previous close. CNX Midcap index is up 1.28% and BSE Smallcap index is up 0.62%. The market breadth is positive with advances at 748 against declines of 418 on the NSE.  

SMC Global maintains a buy call on Grasim with target of Rs 1750, reports CNBC Awaaz. Keep stop loss of Rs 1443, it adds. The stock is currently trading at Rs 1576.55, up 3.5% on the BSE. 

Hold HDIL with target of Rs 85, says Rajesh Agarwal, market expert, on CNBC Awaaz. Keep stop loss of Rs 75, he adds. The stock is currently trading at Rs 79.80, up 4.6% on the BSE. 

Hold Core Projects with stop loss of Rs 43-45, says Neera Jain, technical analyst, on NDTV Profit. It has resistance at Rs 65-67, she adds. The stock is currently trading at Rs 55.85, down 1.6% on the BSE. 

Hold BL Kashyap & Sons with target of Rs 187, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 80-90, he adds. The stock is currently trading at Rs 147.70, up 2% on the BSE.  

Hold Power Grid which is in an uptrend, says Neera Jain, technical analys, on NDTV Profit. Exit when it reaches Rs 105-107, she adds. There will be buying opportunity at Rs 90 again, she says. The stock is currently trading at Rs 98.60, up 0.2% on the BSE.  

Investors hold Reliance Capital for long term with target of Rs 470-500, says DD Sharma of Anand Rathi Securities on NDTV Profit. The stock is currently trading at Rs 374, up 3% on the BSE. 

The current rally will continue but whether this rally is sustainable for 2-3 weeks is still uncertain, says Manishi Raychaudhuri of BNP Paribas Securities on CNBC TV18. He sees correction in the market, where the Sensex will settle at around 8000 levels. He believes that during the first half of FY10 markets will be range bound at 8000-10000 levels and these levels will see a sustainable rise in the second half of 2010. 

Buy BHEL only with 18-24 months' view, says Rajesh Agarwal, market expert, on CNBC Awaaz. Fundamentals of the company are good, he adds. The stock is currently trading at Rs 1464.85, up 3.7% on the BSE.  

At noon, the market continues to trade firm with both Sensex and Nifty trading at near the day's high. The global market keeps up with the rally. The Nifty has managed to cross the 3000 mark. Sensex is trading at 9666, up 243 points from its previous close, and Nifty is at 3007, up 67 points. CNX Midcap index is up 2% and BSE Smallcap index is up 1.4%. The market breadth is positive with advances at 830 against declines of 315 on the NSE. 

Buy Reliance on dips with long-term view, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. It will give good returns after 2-2.5 years, he adds. It has support at Rs 1175 and resistance at Rs 1580-1620, he says. The stock is currently trading at Rs 1456.40, up 1.2% on the BSE. 

Buy Ashok Leyland, says Dilip Bhatt of Prabhudas Liladhar on CNBC Awaaz. It will give returns of 40-50% from current levels in 8-9 months, he adds. The stock is currently trading at Rs 17.75, up 3.8% on the BSE.  

CLSA maintains a sell call on Ambuja Cement with target of Rs 57, reports CNBC Awaaz. It is expected to show a downside of 18% in one year, it adds. The stock is currently trading at Rs 69.85, down 0.1% on the BSE. 

Hold Tata Tea with stop loss of Rs 500, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Buy more when it reaches Rs 600-625, he adds. The stock is currently trading at Rs 559, up 1.1% on the BSE. 

Buy Cairn India when it stays above Rs 185 with target of Rs 290, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 196.65, up 5.2% on the BSE. 

Buy Bajaj Auto with long-term view, says Dilip Bhatt of Prabhudas Liladhar on CNBC Awaaz. It will give returns of 40-50% from current levels in one year, he adds. The stock is currently trading at Rs 603.10, up 3.6% on the BSE. 

Buy Reliance Communications on dips, says PN Vijay, portfolio manager, on CNBC Awaaz. This stock is a decent attraction in the telecom sector, he adds. The stock is currently trading at Rs 173.05, up 2.9% on the BSE. 

An hour into opening, the market continues to rally with the Asian markets buzzing too. Banking stocks are leading the advances and Nifty is gradually inching towards the 3000 mark. Sensex is trading at 9635, up 211 points from its previous close, and Nifty is at 2992, up 52 points. CNX Midcap index is up 1.8% and BSE Smallcap index is up 1.2%. The market breadth is positive with advances at 792 against declines of 281 on the NSE.  

Hold India Infoline with target of Rs 70 plus, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 50, he adds. The stock is currently trading at Rs 58.05, down 3.6% on the BSE.  

The markets are likely to be nervous and volatile in the short-term as investors gradually understand the fine print of the US buy-back plan, says Shane Oliver of AMP Capital Investors on CNBC TV18. But he sees more upside and believes that the current rally could continue till May. He expects 10-15% gain in Asian markets over the next couple of months.  

Buy Bata India with target of Rs 160-165, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 100 and resistance at Rs 118, he adds. The stock is currently trading at Rs 111.30, up 3.1% on the BSE.  

Hold HMT with target of Rs 40 plus, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 30, he adds. The stock is currently trading at Rs 36.30, up 5.7% on the BSE. 

Exit Reliance Capital at around Rs 400, says Siddharth Bhamre of Angel Broking on CNBC TV18. It has resistance at Rs 395-410, he adds. The stock is currently trading at Rs 375.90, up 3.6% on the BSE.  

Hold JP Associates with target of Rs 95, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 86.75, up 3% on the BSE.  

Hold Sail with target of Rs 115-120, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. It has support at Rs 85-90, he adds. The stock is currently trading at Rs 95.15, down 0.7% on the BSE.  

Hold Bajaj Auto Finance with target of Rs 80-100, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. The stock is currently trading at Rs 79, up 11.7% on the BSE. 

Buy Hindalco at Rs 52 with target of Rs 55, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 50, she adds. The stock is currently trading at Rs 53.25, up 2.3% on the BSE.  

The market gets off to a good start today in the steps of excellent global cues. Leading the rally are commodities and banks. The new bank plan announced by the Barack Obama administration earlier sent the US market soaring to almost 7%. The Dow gained nearly 500 points with the Nasdaq closing up about a 100 points. The Asian market is trading firm, too. Sensex is trading at 9552, up 128 points from its previous close, and Nifty is at 2971, up 32 points. CNX Midcap index is up 1.2% and BSE Smallcap index is up 1%. The market breadth is positive with advances at 424 against declines of 64 on the NSE. 

The successful execution of the US bad debt buy-back plan will decide the near-term trend and can provide more upside to the market, says Deepak Chhabria of Collins Stewart on CNBC TV18. The Nifty can gain another 20% if it breaks past 3000-3100 levels, he adds.  

Nifty levels could see a 3-4% rise, roughly to around 3050, says Rajat Bose, technical analyst, on CNBC TV18. It could range between 2997-3020 at which levels there will be supply pressure and profit booking. He advises to play on the long side.  

Nifty targets for today will be 2970 and then 3050, says Anil Maghnani, technical analyst, on CNBC TV18. He sees targets for Sensex at 9725 and then 9900. Book profits at higher levels and wait for fall to buy back, he adds.  

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